According to today’s New York Times article “Business tax bill offers last minute breaks for developers, banks and oil industry”:
“Lower Taxes for Top 1 Percent”
“One of the bill’s biggest windfalls for the wealthy — cutting taxes on income received through so-called pass-through entities like partnerships, popular with real estate developers — got even more generous. The richest taxpayers will be taxed at a rate of about 29.6 percent on such income, a big cut from the current top federal income tax rate of 39.6.
“The ever-lengthening list of income that will be taxed at a cut-rate could be seen as ‘a Donald J. Trump loophole,’ said Steven M. Rosenthal of the nonpartisan Tax Policy Center. A large amount of that kind of income is on Mr. Trump’s 2005 tax return, two pages of which became public in March, and on his 2017 financial disclosure forms, which show more than 500 pass-through entities, Mr. Rosenthal said.”
Most of Trump’s income is ‘pass through’ from limited partnerships that own own apartments complexes and hotels, and his case also office buildings..
This is indeed what Monty Python referred to as “Alms for the Rich”.
Yes, I will also benefit. But sorry Donald, I still won’t vote for you.
